Zaggle Prepaid gains after board nod to acquire 26% stake in Mobileware Tech

Zaggle Prepaid Ocean Services jumped 3.48% to Rs 446.95 after the company's board approved to acquire 26% stake in Mobileware Technologies for total consideration of Rs 15.6 crore.

Mobileware is a Mumbai based private company at the forefront of the digital payments innovation in India and they offer integrated product suite of NPCI certified switch solutions across UPI, IMPS, AEPS & BBPS, along with an API & Agency banking platform called Transxt. Its turnover was Rs 16.99 crore in FY24.

The company would be able to leverage its expertise and infrastructure to make solutions and embedded payment experiences best-in-class for its esteemed clientele. It would also be able to co-create multiple use-cases for customers while keeping payments at the forefront through lending stack, credit solutions, card management services etc.

The proposed acquisition is contingent upon the execution of the final agreement and the fulfilment or waiver of the conditions precedent, as mutually agreed upon by the parties.

Meanwhile, the board has also approved to acquire 98.32% stake in Span Across IT Solutions. The company will acquire 10,66,314 equity shares with a face value of Rs 10 each at a price of Rs 300.80 per share.

Span Across IT Solutions deals in online income tax return preparation services and development of software. It turnover was Rs 4.73 crore in FY24.

The said acquisition will be completed within the period of 45 days from the date of approval by the board of directors of the company.

Zaggle Prepaid Ocean Services provides financial technology (fintech) products and services along with prepaid cards and has built a portfolio of software as a service (SaaS), including tax and payroll software, and a broad touchpoint reach.

The companys consolidated net profit surged to Rs 167.34 crore in Q1 FY25 as comapred with Rs 20.55 crore in corresponding quarter last year. Revenue from operations stood at Rs 252.20 crore, steeply higher than Rs 118.47 crore in same quarter last year.

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